There Are Very Few,if Any,good Substitutes for Motor Oil

question 32

Multiple Choice

There are very few,if any,good substitutes for motor oil.What does this imply

• A)The supply of motor oil would tend to be price elastic.
• B)The demand for motor oil would tend to be price elastic.
• C)The demand for motor oil would tend to be price inelastic.
• D)The demand for motor oil would tend to be income elastic.

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A range of values, derived from sample data, that is likely to contain the value of an unknown population parameter with a certain level of confidence.

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An ensemble of values, from statistical analysis of samples, believed likely to encircle the value of a clandestine population parameter.